Association president Sylvester Pokajam said it was an increase compared to previous years.
He urged the National Fisheries Association to do more to enhance the industry towards increasing generated revenue.
“The overall fishing industry, from the export earnings that come back, we would be looking at K1.5 billion (US$472 million) annually. I want to note that it is all sustainable,” he said.
“If you properly manage a sustainable fishery industry than the economy can be sustainable as well.
“This is for 2016 and it will keep growing. But until we maximise opportunities, the country could be looking at K3 billion (US$945 million) from the industry on an annual basis – again all sustainable.”
He said revenue about 10 years was just under K1billion (US$315 million).
“This is only because of progressive development with more vessels and more consumers in the market,” he said.
“This is why we have to look after the industry and allow it to grow to fully maximise opportunities that it provides.
“What the National Fisheries Authority is doing is killing the industry. They have got to think about ways to enhance the industry instead of being focused on money coming in from Vessel Day Schemes only. With VDS there are opportunity costs on value adding onshore processing.”.
SOURCE: THE NATIONAL/PNGFacts